Global Access Control and Authentication Market was valued at USD 7.4 billion in 2018 which is expected to reach USD 13.25 by 2027 at a CAGR 8.12%.
Access and authentication system is designed to monitor objects & people, control their access and prevent intrusion into any information or property. This system is responsible for selective restricted access to place. Access control and authentication is controlling tool which used in investigation and prevention of crimes in malls, multiplex, airports, ATMs, and banks.
The information & communication technology (ICT) industry has been witnessing peak technological advancements and innovations. The latest transformative technologies adding fuel to the fire are Artificial Intelligence (AI), the Internet of Things (IoT), Access Control and Authentication and on-cloud deployment facilities. The ICT industry players are more than likely to capitalize on innovation and agility to gain the upper hand in their relevant markets.
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The report includes the key driving forces prevailing in the global Access Control and Authentication Market. This part of the report has been studied keeping in mind the political, economic, social, technological, geographical, and cultural scenario of the global Access Control and Authentication Market. These factors can be projected to have their effects on the market, or they can have interconnected impacts. Besides, subtle change in the timeframe within which these factors are functioning might have ripple effects on the global Access Control and Authentication Market.
Increase in demand for access control and authentication system is the key driving factor which is expected to boost the global access control and authentication market growth. Furthermore, rise in need for safety and security will have positive impact on market growth. Moreover, increase in government initiatives for security and safety, which is expected to increase investments on security by organizations, in near future. Also, increase in technological developments will fuel the market growth. For instance, in May 2019, ISR had launched new cloud based password less authentication service (CloudGate UNO) in Japan. This service offered as single-sign-on (SSO) and access control service for enterprise.
However, high cost and less awareness among users are restraining factors which are expected to obstruct the global access control and authentication market growth.
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Global Access Control and Authentication Market is segmented into product type such as Automatic Number Plate Recognition (ANPR), Electric Access Control (EAC), and Document Reader. Further, market is segmented into end use such as Transportation & Logistics, Government and Public Sector, and Utilities/Energy Markets.
Also, Global Access Control and Authentication Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as 3M Company, Safran Morpho, Inc., AR Hungary, Suprema, Inc, Crossmatch Technology, Inc, Bosch Security Systems Inc., Identiv, Inc., Honeywell Security Group, Johnson Controls International PLC, and Dormakaba Holding AG
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